Skandia sales doubled in the U.S.
Skandia sales doubled in the U.S. topping 10 billion dollars Skandia generated sales in the U.S. exceeding $10 billion for 1999 (around SEK 85 billion), an increase of more than 100 percent. American Skandia is one of the leading companies in the US for financial products which are sold via independent agents. American Skandia now manages over $34 billion in total. The greatest area of growth was in Advisor Funds (mutual funds) which tallied a 333 percent increase over 1998, representing $3.3 billion in sales. Variable annuities, Skandia's biggest product line, posted a 63 percent increase during 1999, amassing $6.8 billion in sales. In addition to variable annuities and mutual funds, the $10 billion sales figure includes two other product groups: qualified plans and variable life. "It is very rewarding to see how dedicated people, with a great business concept, have succeeded in the world's most competitive long-term savings market", says American Skandia´s Chief Executive Officer, Jan R Carendi. Wade Dokken, Chief Operating Officer with American Skandia, cites the fact that the company handpicks its partners as being one of the reason for this success: "We co-operate with 23 selected investment partners. The superior performace achieved includes the following examples; 86 percent of American Skandia's portfolios outperformed other comparable portfolios, 50 percent of the company's portfolios achieved a return of over 25 percent whilst 38 percent performed over 50 percent", states Dokken. For further information, please contact: Wade Dokken, Chief Operating Officer American Skandia, tel +1-203 926 18 88 Harry Vos, Corporate Controller Skandia, tel 08-788 36 43 Birgitta Hammarström, Press Manager Skandia, tel 08-788 27 55 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/01/10/20000110BIT00040/bit0001.doc http://www.bit.se/bitonline/2000/01/10/20000110BIT00040/bit0002.pdf